2020 Olympics: Tokyo slashes budget by $360 million by changing construction methods

Tokyo has slashed its budget for the 2020 Olympics by an additional $360 million, an official said today, amid mounting pressure to reduce the cost of hosting the huge sports event.

Olympic planning officials have made the cuts by changing construction methods and installing cheaper temporary seats in some venues instead of permanent ones.

“In total we are now able to slash the cost of facilities by 41.3 billion yen ($360 million),” a Tokyo official told AFP.

This would reduce the total cost of building venues for the 2020 Games to 182.2 billion yen ($1.60 billion) from a previous plan of 224.1 billion yen (1.96 billion), the official added.

Last year, Tokyo governor Yuriko Koike ordered the plans for three venues to be revised as costs spiralled to more than $25 billion — four times the initial estimates when Tokyo won the 2020 bid.

In June, the International Olympic Committee praised Japan for slashing 2020 costs from around $20 billion to $13 billion, but warned that soaring budgets could yet deter other cities for bidding for the games.

“Apart from the fact you’ve got the budget down now to around $13 billion, the emphasis that you are continuing to work together to further reduce costs and …read more